On November 14, the non-fungible token market (NFT) in Tezos, Hic Et Nunc, which means here and now in Latin, suddenly closed. Artists have been concerned about their NFTs on display at Hermitage’s first NFT exhibition “Ethereal Aether” (November 10 – December 10), as well as at Art Basel Miami’s first NFT exhibition “People + Cars: NFT”. and the ever-evolving world of art ”(December 2-4).
As a new step in their journey, explained Diane Droby, founder of We Are Museums and founder of NFT at Hic Et Nunc, which hosted a panel discussion at Art Basel Miami. … because when the website was closed, our NFTs were stored online, nothing was lost and artists could continue to live safely by using their NFTs. We’ve seen mirrors or new releases of HicEtNunc.art open in just a few hours, giving artists the support they need to keep buying and selling while showcasing their NFTs. She also added:
“The community is now self-organizing to create a decentralized autonomous organization (DAO) to continue the decentralization experience in Web 3.0.”
This incident made me think: Will “the International Year of the Creative Economy for Sustainable Development”, proclaimed by the UN General Assembly, be included in history as the year when STCs entered the mainstream? Or will it be a global fad lurking in the shadow of the COVID-19 pandemic? I did research and interviews to find the answer.
About the topic: What are NFTs and why are they revolutionizing the art world?
NTF environmental impact, assessment and regulation
NFTs are digital assets built on the blockchain platform and can be traded as digital trading cards for cryptocurrencies or even fiat currencies. They usually serve as proof of ownership of a digital asset, but the specific rights granted by NFT vary. Some NFTs include smart contracts as part of the token, which are executed automatically when certain events occur.
Computer scientist Antsstyle NFT criticized:
In short, NFTs are bad for two reasons: 1. They are bad for the environment because they rely on cryptocurrencies to generate huge carbon emissions. […] 2. They are only valuable as tools for money laundering, tax evasion and even more investment fraud. ”
Antsstyle Advanced Analysis provides a comprehensive overview of NFT platforms with Proof of Ownership (energy efficient) and Proof of Work (energy demanding).
In addition, AJ Voloshinsky, director of Eisner Advisory Group LLC at EisnerAmper, notes that subjective assessments for NFTs are determined by how much someone is willing to pay for them: “Take a look at the image below, for example. You have no problem with to download the image is on your computer; what you see is a simple gray square.This is an NFT known as The Pixel, created by an artist named [Pak] and sold for around $ 1.3 million at Sotheby’s in April 2021 . » Other large art auction houses such as Christie’s and Phillips and portion auctions this year for NFTs are marked on different platforms with immutable tokens.
About it: Reimagining Art: NFTs Changing the Collectibles Market
According to CryptoArt, Pak is the second best-selling crypto artist of all time, with a market value of around $ 65 million for his artwork. The NonFungible ranked Bored Ape Yacht Club number one, and NFT “Bored Ape # 9449” was eventually sold for more than $ 1 million.
Although not classified as NonFungible, the 24 × 24 low pixel images of computer-generated CryptoPunks from Larva Labs were the first major NFTs. In March, CryptoPunk # 3100 was sold for 4,200 Ether (ETH), which was $ 7.6 million at the time. That sale was surpassed by the sale of Everyday: The First 5000 Days, NFT by graphic designer Mike Winkelmann aka Beeple, which raised $ 69.3 million on the same day, equivalent to $ 13,800 for each digital art listed. College. According to DappRadar, CryptoKitties from Dapper Labs – the first major Ethereum-based NFT project using the ERC-721 standard – also recorded a 22.106% daily increase in trading volume amid the recent resurgence of the NFT market.
NTFs are not widely regulated. For example, earlier this year at market leader NFT OpenSea, a leader turned over non-financial tokens he had acquired after publishing them on the site’s website – a move that allegedly allowed him to sell them at a quick profit since NFT insider trading in The markets is not obviously illegal.